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Join The Crowd and Get a VA Streamline Loan while to goings good

By admin On July 22, 2010 Under VA Credit Requirements, VA Refinance Loans

You can’t beat today’s market for home interest rates!  They’re almost the lowest in the history of home loans.  Take advantage of the downslide because once the market recovers there’s no going back.  Now’s the best time to save hundreds of dollars a month on your mortgage using a VA Streamline loan.  

VA streamline loan is an existing VA loan that is refinanced for a lower interest rate.  Up until the beginning of this year VA loans did not require an appraisal or minimum credit score.  You also were not charged closing costs.  Since the new VA loan guidelines match major lenders it’s a little harder to get VA loans.  By getting one now when interest rates are at an all time low you can save big bucks by refinancing your loan. 

To qualify for VA Streamline refinance you need a credit score of 610 and you also need an appraisal on the house you want to buy.  Your down payment is still zero and any closing costs are rolled into the new loan.  There are a few exceptions but for the most part streamlining gives you plenty of options. 

With VA streamline loan you don’t have to live in the house even if your original loan required you to.  You can choose another lender as long as your present mortgage payments are current.  Remember to check with the lending company as many of them have different guidelines and be sure they qualify for VA loans.  

You can also add a few thousand to the ending balance for a cash payout depending on the lending company.  It can help with remodeling or fix an ongoing problem.  The money is held in escrow until the first payoff, so be sure to calculate that into when you’ll get the money.  This is not a cash out refinance and you can’t take a cash payout but you can add a little to the ending loan balance to give you a little leeway for problems that might happen along the way.  The holding escrow balance can be used for one or two monthly payment if needed.

You can get a 15 year loan at a low interest rate to pay off your home earlier or you can get a higher interest rate for a 30 year home loan.  Rather than taking out a second mortgage on your home you can get a VA Streamline loan.  They can save you hundreds of dollars a month and you get the chance to pay off your house sooner.

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